Sumitomo Corporation installs FNX’s Sierra
Japan’s Sumitomo Corporation has installed FNX’s Sierra System to support its strategy of complete straight-through processing (STP) for its commodities, exchange-traded products and swap-trading operations.
Sumitomo has also employed Sierra’s Back Office and General Ledger modules to further support automated STP. In addition, the SierraLink interface module is being used to allow trade and rate transfers from legacy systems, as well as to provide a real-time trade interface to the Tokyo Commodities Exchange.
“We selected Sierra to reduce risk and increase our processing capabilities, from trade entry to payment,” said K Iwanaga, deputy general manager and commodities business head trader at Sumitomo. “We expect our newly consolidated workflows to result in improved operating efficiencies that will help us contain costs and provide better service to our customers.”
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